Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[adamstgBit]

Guys did you read what Pieter Wuille  Bitcoin dev wrote ?  I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....


https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

    int64_t nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks
    // which will occur approximately every 4 years.
    nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$

shame on you mmitech for spreading fud

if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade

fonzie go take a chill pill.

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[adamstgBit]

Guys did you read what Pieter Wuille  Bitcoin dev wrote ?  I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....


https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

    int64_t nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks
    // which will occur approximately every 4 years.
    nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$

shame on you mmitech for spreading fud

if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade

fonzie go take a chill pill.

wait is this an april fools joke?

 

lmao

[seleme]

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

[fonzie]

@adam 

OK,  i´ll talk a pill walk and will come back in a few hours.

[surfer43]

@adam  

OK,  i´ll talk a pill walk and will come back in a few hours.

k, see u @ 600

CHINA BANS BITCOIN!
"Cherish life, walk away from bitcoin"  Zhang Niannian - PBOC Official.
"Bitcoin generation maybe not limited to 21 million" Pieter Wuille-Bitcoin dev

Nice signature.

[mmitech]

Guys did you read what Pieter Wuille  Bitcoin dev wrote ?  I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....


https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

    int64_t nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks
    // which will occur approximately every 4 years.
    nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$

shame on you mmitech for spreading fud

if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade

fonzie go take a chill pill.

come on for god sake, it is screaming Aprils fool, so all of you can fool around and I cant ?

[Walsoraj]

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

[adamstgBit]

Guys did you read what Pieter Wuille  Bitcoin dev wrote ?  I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC....


https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

Details

As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:

    int64_t nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks
    // which will occur approximately every 4 years.
    nSubsidy >>= (nHeight / 210000);
is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.

The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.

Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride

MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$

shame on you mmitech for spreading fud

if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade

fonzie go take a chill pill.

come on for god sake, it is screaming Aprils fool, so all of you can fool around and I cant ?

[seleme]

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

http://translate.google.com/translate?sl=zh-CN&tl=en&js=n&prev=_t&hl=hr&ie=UTF-8&u=http%3A%2F%2Ffinance.sina.com.cn%2Froll%2F20140402%2F012118683625.shtml

This part is the best  

December 5 last year, including the central bank and other five ministries jointly issued "on guard against the risk of Bitcoin notice" (Yin Fa [2013] No. 289, hereinafter referred to as "Notice"). "Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not money in the true sense.

[Zule]

So in other words they are forbiden to have mandatory sex with bitcoin?
Voluontary is just fine i guess

[chessnut]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

[seleme]

So in other words they are forbiden to have mandatory sex with bitcoin?
Voluontary is just fine i guess

Well, Chinese are definitely having hard sex with Bitcoin in last few months 

[ChartBuddy]

Explanation

[billyjoeallen]

So in other words they are forbiden to have mandatory sex with bitcoin?
Voluontary is just fine i guess

That which is not forbidden is mandatory! In the name of freedom, of course.

[EuroTrash]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Don't forget http://www.professorbitcorn.com

[Dalmar]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

Yet people keep on hodling here. 

[MinermanNC]

The best FUD always comes at the bottom

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

that's interesting, lol seems they failed to mention that BTC has and can double just as easily almost over night, and where the price was just a year ago. 50.00 bucks and all of the big names now excepting BTC as of late.

[surfer43]

Guess you saw this one:

http://finance.sina.com.cn/roll/20140402/012118683625.shtml

Needs translation + proudhon confirmation.

http://translate.google.com/translate?sl=zh-CN&tl=en&js=n&prev=_t&hl=hr&ie=UTF-8&u=http%3A%2F%2Ffinance.sina.com.cn%2Froll%2F20140402%2F012118683625.shtml

This part is the best  

December 5 last year, including the central bank and other five ministries jointly issued "on guard against the risk of Bitcoin notice" (Yin Fa [2013] No. 289, hereinafter referred to as "Notice"). "Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not money in the true sense.

This made me spit coca-cola all over my laptop.  

[mmitech]

for the people who didnt get the Devs Joke, I didnt copy that because I thought some will read the Github post, but I think most of people here spend full time only on speculation so here :


Compatibility

Given the moderate time frame over which this change is to be implemented, we expect all miners to choose to screw themselves and deploy this change before 2214.

If they don't, and a minority remains on the old code base, a fork may occur. Essentially, they'll be mining fool's gold after that time.

 


also

Hi all,

I understand this is a controversial proposal, but bear with me please.

I believe we cannot accept the current subsidy schedule anymore, so I
wrote a small draft BIP with a proposal to turn Bitcoin into a
limited-supply currency. Dogecoin has already shown how easy such
changes are, so I consider this a worthwhile idea to be explored.

The text can be found here: https://gist.github.com/sipa/9920696

Please comment!

Thanks,

--
Pieter

 

[surfer43]

Abstract
Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.